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					     REAL ESTATE
SPECIAL OPPORTUNITIES
     PORTFOLIO 1
                                                       CONTENTS

1. Indian Real Estate Scenario
  = Growth Drivers
  = Interest Rate
  = Affordability
  = Current Scenario
  = Real Estate...Why Now
2. ASK Advantage
  = Group Overview
  = ASK Investment Managers (Portfolio Manager)
  = Real Estate PMS Structure
  = ASK Property Investment Advisors (Investment Advisor)
  = Key Resources
3. ASK Real Estate PMS
  = Real Estate PMS
  = Risk Management
  = Preferred Entry Point
  = Real Estate Investment Strategy
  = Our Edge & Differentiator
  = Investment Guidelines
  = Portfolio Target Investments
  = Investment Committee
  = Salient Features - Product
  = Liquidity and Transfer
  = Customer First
4. Advisors & Tax Implications

                                                            1
1. Indian Real Estate Scenario




                                        Growth Drivers



                                           Interest Rate



                                           Affordability



                                       Current Scenario



                                 Real Estate....Why Now




              2
                                                         Urbanization - Irreversible

                                                               1981       1991   2001    2006   2011* (E)   2021*(E)

Urban Population (in mn)                                       159        218    285     325      370        550

Urban Population (CAGR %)                                      3.9        3.2    2.7     2.6       2.7        3

Urban Population (%)                                           23.3       25.7   27.8    29.1     31.2      40.7

Contribution to National Income (%)                             47         55     60      63       66        NA



= According to UN, India’s growth in urbanization is faster than the rest of the world

= Estimated to touch ~370 mn by 2011 and 550 mn by 2021

= Urban Population will contribute 66% of National Income by 2011*




Source : National Institute of Urban Affairs , UNPD & CPHEEO

                                                                      3
                                                      Mega Cities Continue to Grow

     Mega Cities Continue to Grow Population, Mn
40

35

30

25

20

15

10

5

0
              1980                     1990                     2000                 2010           2020       2030
                                   Mumbai               Delhi          Kolkata          Chennai    Bengaluru


                                                                 Classifying Indian Cities

Tier 1                                            Mumbai, Delhi and Bengaluru

Tier 2                                            Hyderabad, Pune, Chennai and Kolkata

Tier 3 & Emerging Cities                          Ahmedabad, Nagpur, Chandigarh, Indore, Jaipur,
                                                  Lucknow, Bhubaneshwar, Kochi, Mangalore,
                                                  Trivandrum and about 30 more cities


= Cities with more than 1 million population set to grow from 35 to 72 by 2011



Source : National Institute of Urban Affairs , UNPD & CPHEEO
                                                                                 4
                                                Urban Infrastructure Development

                                           URBAN SECTOR INVESTMENT REQUIREMENT* (Rs. Crore)


Category                                                 No. Of                  Investment Requirement over 7   Annual Funds
                                                         Cities                     Years (2005-06 Onwards)      Requirement


Cities with over 4 Million                                  7                                57,143                 8,163
Population

Cities with over 1-4 Million                               28                                57,143                 8,613
Population

Selected Cities with less                                  28                                 6,250                  893
than 1 Million Population

Total                                                      63                                1,20,536               17,220




= Infrastructure spends envisaged by JNNURM are expected to improve urban infrastructure resulting in increased capacity
  to absorb projected migration


= Cities with 4 Million + population to receive 50% of planned outlay




                                 ,
* Ministry of Urban Affairs, UNDP Jawaharlal Nehru National Urban Renewal Mission (JNNURM)
                                                                             5
                                                                                                       Demand

     Residential Real Estate Demand - In Mn Sqft (2008-10)                                                    Commercial Real Estate Demand - In Mn Sqft (2008-10)

                                                                                                 586                                                                                                         188
  600                                                                                                        200

                                                                                                             150
  400

                             184                                                                             100                  64
  200             131
                                                                                                                                             33                  27
                                         61          43           66         54         47                    50                                     20                       17      15            12

     0                                                                                                         0
                 i           R          re       i            e                       ta         l                            i          R          re       i           ne                    ta            l
               ba                     lo       na            n          ad         at          ta                        ba                       lo       na                    ad         at             ta
                        NC          ga       en           Pu          ab         lk          To                                        NC       ga       en           Pu       ab         lk             To
             um                                                      r        Ko                                    um                                                        r        Ko
         M                       Ba
                                   n       Ch                      de                                              M                         Ba
                                                                                                                                               n       Ch                   de
                                                                 Hy                                                                                                       Hy


= Urban households are expected to grow at 4.7% (CAGR), from a total of 62 Million to ~ 74 Million by 2012

= Potential demand for additional floor space area (FSA) to accommodate the rise in urban households is estimated to be at
  around 3.8 billion sq. ft. till 2012, growing at a CAGR of 8.0%




Source: Source: Crisil Research September 2008 Commercial Includes IT/ITES space
                                                                                                         6
                                      Income Growth – Per Capita Income

                                                                                      29,642

                                                                           25,956

           30000                                                23,199
                                             20,895

           25000          18,885


           20000

(In Rs.)
           15000


           10000


            5000


                0

                         2002-03          2003-04           2004-05      2005-06    2006-07


= India’s per capita income (at current prices) has grown 2.6
  times in the past 10 years and 1.6 times in the past four years


= The country will become the world’s fifth largest consumer market
  by 2025, as predicted by McKinsey




Source :CSO and RBI
                                                                7
                                                                                         Interest Rate Movement


                                                                                                             HDFC PLR                                                                                                    15.00%
                  16.00%
                                                                                                                                                                                          13.50%             13.75%
                  14.00%       12.75%
                                                   12.50%                                                                                                                                                                       14.50%
                                                                           11.50%                                                                                11.25%
                  12.00%
                                                                                                                                               10.25%
                                                                                                   10.00%                 9.75%
                  10.00%
  Interest Rate




                  8.00%
                  6.00%
                  4.00%
                  2.00%
                  0.00%
                           0

                                    0

                                             01


                                                       01

                                                                 01


                                                                           2

                                                                                    02

                                                                                              03


                                                                                                        3

                                                                                                                 03


                                                                                                                              4

                                                                                                                                       4

                                                                                                                                               5


                                                                                                                                                        5

                                                                                                                                                                 06

                                                                                                                                                                           06


                                                                                                                                                                                     06


                                                                                                                                                                                               7

                                                                                                                                                                                                        07


                                                                                                                                                                                                                  08


                                                                                                                                                                                                                            8

                                                                                                                                                                                                                                     08
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                                                                                                                                           m
                                                                                                                      m
= Mortgage Lending in the aforesaid period has been at Sub PLR rates

= With inflationary pressures receding, interest rates are expected to
  continue to follow a southward trajectory




Source: HDFC Limited
                                                                                                                          8
                                 Property Price Index (National Housing Bank)

                                                  NHB RESIDEX (City Wise Index)

City                              2001           2002             2003          2004           2005   2006          2007

Delhi                              100            106             129            150           201    269           298

Bangalore                          100            133             170            224           275    272           313

Mumbai                             100            116             132            149           178    224           268

Bhopal                             100            120             136            154           179    192           260

Kolkata                            100            115             129            148           172    180           237




= India’s first official housing price index, considered   data on prices from different sources


= Actual transaction prices were considered, price data was collected from Home Finance Companies and real estate
  agents/property dealers. With prices being covered across primary and secondary markets


= The pilot study for the index covered five cities and gives the y-o-y price
  movements between 2001 and 2007. The base year of Residex was taken as 2001,
  the likely base year of price indices. The common base year make the price
  and property indices comparable




Source: National Housing Bank
                                                                   9
                                                                Affordability

                           MAHTI^ (In 2007         Affordability                             MAHTI^ (In 2007   Affordability
           Mumbai            - Rs Lakhs)               Ratio               Bengaluru           - Rs Lakhs)         Ratio
       South Mumbai                41.1                    33              MG Road                 18.1             22.4
       Central Mumbai              21.9                  21.9              Malleshwaram             9.9              9.9
                                                                           Jayanagar                9.3             11.6
       Western Suburbs               11                    11
                                                                           Hebbal                     6              7.4
       Central Suburbs               7.8                  6.3              Hosur                    5.8              7.2
       Navi Mumbai                      5                 4.1              Whitefield               4.7              5.8


                        MAHTI^ (In 2007           Affordability                           MAHTI^ (In 2007 Affordability
           NCR            - Rs Lakhs)                 Ratio                  Chennai        - Rs Lakhs)       Ratio
                                                                          North (Closer              7.6             8.8
       South Delhi               85.1                   54.3              to CBD)
       North Delhi               13.9                    8.9              North (Beyond              3.5             4.0
       Gurgaon                   11.9                    7.6              City Limits)
       Noida                     10.2                    6.6              West                       4.5             5.3
       Greater Noida              6.4                    4.4              South East (OMR)           4.6             5.4
       Ghaziabad                  6.4                    4.6              Central                   10.4              12

     = A lower ratio suggests higher affordability

     = Real estate prices need to correct ~30-40% for affordability to return to markets


Source: Crisil Research September 2008
Affordability Ratio – Property Cost/Annual Income
^MAHTI - Minimum Annual Household Threshold Income to buy a house
                                                                     10
                        Real Estate.....Current Scenario
                                     Rising Real
                                    Estate Prices

                                         12                   Rising
       Easier Money       11                          1       Interest Rates
                                       BOOM
      Rising
Non-domestic                                  SLOWDOWN                    Declining
    Reserves       10   STRONG                                    2       Share Prices
                        RECOVERY

                                                          SLUMP             Declining
   Rising
Commodity           GENERAL                                                 Commodity
    Prices     9    RECOVERY                                          3     Prices

                                                    CORPORATE
                        HESITANT                      FAILURES             Declining
      Rising            UNEVEN                                             Non-domesctic
Share Prices       8    RECOVERY                                  4        Reserves
                                                    GLOOM
                                     RECOVERY
          Declining                  BEGINS
     Interest Rates       7                           5       Tighter Money
                                          6

                          Declining Real
                          Estate Values




= The Industry is facing tighter liquidity and has seen
  a decline in real estate values




                                               11
                                     Real Estate.....Why Now

                                     Underlying Demand Drivers Strong
                                     = Increasing Urbanisation
                                     = Increasing Per Capita Income


                                                                        Affordability
ASK Real Estate Advantage
= Wealth of Experience                                                  = Decline in prices and reduction in size
                                                                          of units will increase demand
= Non FDI - Duration and Liquidity
= Top 7 Cities only
= Development Edge
                                        ASK PMS Real Estate
                                        Special Opportunities
                                             - Portfolio I


    Portfolio Management                                                Fiscal and Monetary Measures
    = Diversification Strategy                                          = Reduction in Interest Rate and increased
    = Countercyclical Investment                                          liquidity will stimulate demand
      Opportunity



                                     Developer
                                     = Prominent developers keen on
                                       private equity
                                     = Realistic Valuations




                                                    12
2. ASK Advantage




                                Group Overview



                      ASK Investment Managers
                            (Portfolio Manager)



                      Real Estate PMS Structure



                       ASK Property Investment
                   Advisors (Investment Advisor)



                                  Key Resources




       13
                                                    ASK Group

= Promoted by Asit & Sameer Koticha

= 25 years in financial services

= Pioneer in equity research and portfolio management

= Strategically focused on top of the pyramid

= Dedicated companies focused on financial planning, wealth advisory, insurance broking, investment management,
 asset management and private equity business


= Corporate Social Responsibility: To focus on empowerment as opposed to charity and donation




                                                          14
                               ASK Investment Managers (Portfolio Manager)

= Purely Discretionary PMS

= ‘A’ rating by Standard & Poor’s to one of the investment schemes

= ISO 9001 Certification – First in private money management space in India

= Focus on large size private capital from institutions and family offices

= Clients & strategic partnerships across India, Middle East, Europe, Africa and US

= Dedicated five onshore and two offshore representative offices to service domestic as well as
 international clients




                                                                15
                          Real Estate PMS Structure



            Returns
                        Portfolio Manager - ASK Investment   Registration
Investor                                                                         SEBI
                                  Managers Pvt Ltd
           Investment



                                                                                ASK
                                                                              Property
                           ASK PMS Real Estate Special
                                                               Advisor      Investment
                            Opportunities Portfolio - I
                                                                              Advisors
                                                                               Pvt Ltd


                        SPV Co.      SPV Co.      SPV Co.




                                      Projects




                                          16
                               ASK Property Investment Advisors



                                     Board Of Directors




                                        Amit Bhagat
                                   CEO & Managing Partner




Rajeev Panwar     Deepak Rathi                                 Sharad Mittal              VP
                                           Head
      VP               VP                                       VP Business             Business
                                          Research
 Investments    Asset Management                            Development (North)   Development (South)




     AVP               AVP
 Investments    Asset Management




                                                  17
                                                     Key Resources

                Sunil Rohokale is Executive Director of ASK Investment Holdings Pvt. Ltd. and is spearheading the real estate
                practice for ASK group in addition to other responsibilities. Sunil is an engineer and a management graduate.

                Sunil has also worked for more than a decade with ICICI Bank in various capacities in assets, liabilities and
                wealth management. He was a member of the core team that started the mortgage business of ICICI Bank in
                1999. Under his leadership the bank achieved a leadership position in the mortgage and real estate business.

In his earlier assignment he was Managing Director & CEO of ICICI Home Finance Co. Ltd., the largest mortgage company in India
& a wholly owned subsidiary of ICICI bank. The mortgage and real estate portfolio of US $ 18bn constituted nearly half of ICICI
Bank’s retail assets.


                Amit Bhagat is CEO and Managing Partner of ASK Property Investment Advisors Pvt. Ltd. Amit is a Chartered
                Accountant.

                He has spent more than a decade in the mortgage and real estate business. Amit worked in various capacities in
                ICICI Bank including as National Credit Head for mortgage division.

                 In his earlier assignment he was Head of ICICI Property Services which comprised transactions, investment
banking, research & advisory. ICICI Property Services became one of the largest players and syndicated a significant amount of
private equity on behalf of domestic and offshore investors in various real estate projects across the country.




                                                              18
                                                    Key Resources

                Rajesh Ajgaonkar is heading the Compliance function for ASK Investment Managers Pvt. Ltd and is also the
                company Secretary. He is a Lawyer and Cost & Works Accountant.

                Rajesh has spent more than a decade in the Finance and Compliance functions with various financial
                institutions. He has worked with IDBI Capital Markets Services Ltd. as Head Finance and Company Secretary.
                His earlier assignment was as Financial Controller, Company Secretary & Head – Compliance for Birla Sun Life
                Asset Management Co. Ltd.


                Rajeev Panwar is Vice President – Investments of ASK Property Investment Advisors Pvt. Ltd. He is a
                management graduate and holds a diploma in Advance Finance from Australia. Rajeev has over 8 years of
                experience in the mortgage and real estate business. He started his career with HDFC Limited.

                His recent experience has been with a prominent International Asset Management firm - Babcock & Brown,
                handling real estate investments. He worked in various capacities in ICICI Home Finance including his last
                assignment as National Head for the Real Estate Research & Advisory division. His experience in real estate has
covered the entire chain of investment banking, structuring and research & advisory.




                                                              19
                                     Key Resources

Deepak Rathi is Vice President – Asset Management of ASK Property Investment Advisors Pvt. Ltd. He is a Civil
Engineer and holds a Masters in Construction Management .

Deepak has over 11 years of experience in the Asset Management, Project Management and Real Estate
Valuations. His recent experience has been with a prominent real estate private equity fund - Indiareit, where he
was heading the asset management team overseeing the development of over 50 million sq ft of real estate
projects across India. He has also worked with ICICI Home Finance and Mahindra Constructions Ltd.


Sharad Mittal is Vice President – Business Development of ASK Property Investment Advisors Pvt. Ltd. He is a
Chartered Accountant. Sharad has over 8 years of experience in the mortgage and real estate business. He
started his career with Citibank.

His recent experience was as Principal responsible for real estate investments by a prominent South African
financial conglomerate – First Rand Bank. He worked in various capacities in ICICI Home Finance including his
last assignment as National Head, Structured Products, Corporate & Realty Finance Business.




                                              20
3. ASK Real Estate Portfolio Management Services

                                                            Real Estate PMS

                                                          Risk Management

                                                        Preferred Entry Point

                                            Real Estate Investment Strategy

                                                   Our Edge & Differentiator

                                                      Investment Guidelines

                                               Portfolio Target Investments

                                                     Investment Committee

                                                   Salient Features - Product

                                                      Liquidity and Transfer

                                                              Customer First




                       21
                                                    Real Estate PMS

= Investment platform to invest in securities of Asset Level Special Purpose Vehicle (SPV) undertaking real estate
 development


= The Portfolio shall seek to attain superior and consistent risk adjusted returns by investing through equity, structured debt,
 mezzanine funding and innovative equity linked products


= Real Estate experts:
    = Spot and evaluate opportunities
    = Develop
    = Monitor and
    = Plan exit strategies

    Which mitigates risk arising from concentration, segment and geographic limitation


= Asset Management is a specialized task




                                                               22
                                                                   Risk Management
          Risk                          Risk                             Investor Impact                                                Mitigation


= Title Risk           = Land Acquisition related        = Delays in land acquisition can affect project   = Preference will be to invest at development stage i.e. post land
=
                           problems                       timelines and adversely impact returns            acquisition and acquiring of approvals
                       = Unclear land title              = Any adverse claims can affect project           = Explore use of Title Insurance
                                                          completion and impact returns
                       = State specific legal issues                                                       = Use reputed regional law firms to undertake legal due diligence.

                                                                                                           = Partner with prudently managed developers



= Partner Risk         = Reputation and Corporate        = May adversely impact operation of Joint         = Conduct Due Diligence on Partner
                           Governance practices of        Venture (JV)
=                                                                                                               = Credit risk
                           developer
                                                         = Risk of mismanagement
                                                                                                                = Utilise experience of team to judge intention and ability of
                       =
                                                         = Risk of partner’s insolvency                           JV Partner
                                                                                                           = Clearly articulate consequences of insolvency of partner



= Assumptions in       = Construction over run           = Increase in costs                               = Strong team with development and construction managment
    Investment Model                                                                                        experience
                       = Increase in financing cost      = Insufficient capital raised/funding
                                                                                                           = Explore possibility of negotiating fixed price construction contract
                       = Exit pricing                    = Mismatch in projections versus
                                                                                                            with reputed construction company
                                                          achievements of top line and bottom-line
                                                                                                           = Be conservative and realistic in forecasts.

                                                                                                           = Undertake independent verification of business forecast with
                                                                                                            reputed real estate advisory service
                                                                                                           = Effective asset management

                                                                                                           = Arrange for in-principle approval of debt before committing
                                                                                                            equity.


= Exit                 = Real Estate has low liquidity   = Portfolio has predefined tenure and cash-       = Maximise up streaming of income via Dividend/Interest when
                                                          flow mismatch may adversely impact                possible
                                                          returns to investors
                                                                                                           = Focus on shorter duration residential and commercial projects
                                                                                                            whereby mitigating risk of cash flow mismatch to investor.
                                                                                                           = Effective asset management




                                                                                   23
                                            Identifying the Right Entry Point

Land Acquisition                              Development                                Fixed Yield Properties


= Merits                                     = Merits                                    = Merits
    =   Higher return potential                = Entry at land value                       = No development risk

    =   Economies of scale in land             = Established feasibility for title and     = Clear title with property ownership
        acquisition                             sanctions
                                                                                           = Fixed income with leverage kicker
=   De-merits                                  = Established sales in the vicinity

    =   Pre-development risk                   = De-risking through pre-sales
                                                                                         = De-merits
        ! Regulatory issues – zoning,                                                      = High cost entry with low returns
                                               = Higher returns with leveraging
          acquisitions, ULC
                                                                                           = High tenant dependency
        !   Title issues
                                             = De-Merits
                                                                                           = High regular repair and
    =   No established market
                                               = Development risk                           maintenance expenses with
        ! Virgin markets with anticipated
                                                                                            periodic capital expenditures
          demand                               = Dependent on market forces
                                                                                           = No liquidity during downturns
    =   Longer gestation period

    =   No institutional support




                                                        Preferred Entry Point




                                                                  24
                                          Real Estate Investment Strategy

= Greater liquidity, shorter gestation and lower volatility

= Active participation in the development process to be a pre-requisite to making investment

= Focus on fundamentals like real estate experience, execution capability and demand sustenance emerging from
 Infrastructure developments and income growth


= Recapitalizations

= Repositioning and redevelopment

= Investments in distressed projects/assets including sale & lease back transactions




                                                              25
                                             Our Edge & Differentiator

= Network of strong developer relationships & industry interfaces

= Direct origination of investment opportunities – Increased returns

= Team bandwidth and experience

= Focus on development      and management expertise


= Proven track record of managing client’s money

= Alignment of interest - Owner Manager framework

= Customer to be the focus of all policies/processes
  = Transparent practices
  = Enhanced disclosure standards




                                                              26
                                                 Investment Guidelines

= Investment in a single project not to exceed 20% of the portfolio

= Investment in a group not to exceed 25% of the portfolio

= Investment in a city not to exceed 35% of the portfolio

= Investment in each segment (Commercial/ Retail) other than residential not to exceed 30% of the portfolio

= Subject to compliance with the transparent disclosure standards and adherence with the valuation norms, the Portfolio
 Manager may invest in any of the projects of ASK group companies strictly on an arm’s length basis ensuring that the interest
 of the Client is not prejudiced in making such investments and any conflicts are managed by complying with the applicable
 laws and acting in good faith. Also, any such investments by the Portfolio Manager would only be done as a co-investment
 along with some other reputed real estate fund/investment vehicle not related to the ASK group.




                                                                27
                                             Portfolio Target Investments

= Investments in Top 7 cities only

= Investments will be into securities of “Asset” Level Special Purpose Vehicle (SPV) rather than “Entity” level

= Investments in self liquidating shorter gestation residential projects

= Investments in repositioning and redevelopment of residential / commercial projects

= Investments in distressed assets

= Focus on projects within city limits rather than long gestation townships

= Partnering with prudently managed developers




                                                                 28
                                  Investment Committee – Real Estate PMS

                Asit Koticha is the Chairman and promoter of ASK Investment Holdings Pvt. Ltd. He has over two and half
                decades of experience in the Indian capital markets and is highly regarded in the Indian financial markets. He is
                known for his strategic agility in investing and has featured in CNBC TV18’s “Wizards of Dalal Street”.




                Sunil Rohokale is Executive Director of ASK Investment Holding Pvt. Ltd., spearheading the real estate
                practice for the ASK group in addition to other responsibilities. He has worked for more than a decade with ICICI
                Bank in various capacities in assets, liabilities and wealth management. He was a member of the core team that
                started the mortgage business of ICICI Bank in 1999. Under his leadership the bank achieved a leadership
                position in the mortgage and real estate business.

                   In his earlier assignment he was Managing Director & CEO of ICICI Home Finance Co. Ltd., the largest mortgage
company in India & a wholly owned subsidiary of ICICI bank. The Mortgage and real estate portfolio of US $ 18bn constituted
nearly half of ICICI Bank’s retail assets.

= Investment Committee – Majority members (3)       to be external prominent professionals and investor representatives




                                                               29
                                            Salient Features - Product

                                   ASK PMS Real Estate Special Opportunities- Portfolio I

= Tenure                                    5 (+1+1) years

= Commitment period                         24 months (+6 months extension option)

= Hurdle Rate                               12%

= Performance Fee*                          20% with catch up

= Entry Load/Initial Set                    Upto Rs 5 crs : 2%
 Up Fee*                                    More than Rs 5 crs but upto Rs 10 crs : 1.50% and
                                            For more than Rs 10 crs: Nil

= Management Fee*                           2% p.a.* (of amount committed during commitment period
                                            and net invested principal for remaining tenure)

= Minimum                                   Rs 25 Lacs and in multiples of Rs 5 lacs thereafter
 Commitment

= Initial Contribution                      20% of Commitment Amount
 with application



* Plus service tax as applicable




                                                             30
                                                 Liquidity and Transfer

= The Portfolio Manager will make best efforts to provide liquidity enabling window to investors

= The investor will be required to complete and comply with documentation and such terms and conditions that the Portfolio
 Manager may prescribe


= The Portfolio Manager at the end of 3 years from the Portfolio Commencement Date, shall provide a liquidity enabling facility
 (Liquidity Facility) under terms of the agreement. The client would have the discretion to opt for such a facility. Under the
 liquidity facility, the client shall be able to realize 10% of his capital contribution made in accordance with the agreement. Such
 portion of capital contribution so received by the client would be at par value only and will neither include any appreciation, nor
 depreciation in the value of the client portfolio. Hence the client opting for the liquidity facility would have to forego any
 appreciation in the value accrued towards the redeemed amount. The liquidity facility shall be available to the client only for a
 limited duration of 3 months from the date of its commencement.




                                                                31
                                                  Customer First

= Quarterly Updates on the investment portfolio

= Quarterly NAV updates

= Website access to investment portfolio

= Dedicated desk for client servicing

= Research Reports




                                                        32
4. Advisors & Tax Implications




                                        Advisors




                                 Tax Implications




              33
                                                      Advisors

= Investment Advisor to the real estate portfolio :
ASK Property Investment Advisors Private Limited


= Tax Advisor :
KPMG India Pvt Ltd


= Auditor :
Deloitte Haskins & Sells


= Legal Counsel :
A.R.A. LAW


= Technical Valuation :
HDFC Ltd, ICICI Home Finance Co Ltd or any other reputed valuation firm




                                                         34
                                          Tax Implications – Investment in Shares

= Dividend income
   = Dividend received by investors is exempt from tax – section 10(34) of IT Act

   = However, Company distributing dividends is liable to dividend distribution tax @ 16.995%*

= Profits from sale / transfer of Shares
   = If considered as capital gains (capital gains = sale consideration – cost of acquisition – expenses incurred in connection
    with such transfer)
   = If considered as business income – net income taxable @ 33.99%*. Management fees / carried interest could constitute
    an allowable expense in this case.
   = In computation of business income, Securities Transaction Tax (‘STT’) would be allowed as an expense.


                                                    Long-term Capital Gains                                Short-term Capital Gains
       Capital Gains                    Period of holding                         Rate*              Period of holding         Rate*

 Listed Shares (where STT
                                      More than 12 months             Exempt u/s 10(38)@             12 months or less       16.995%
 paid)

 Unlisted Shares or in cases          More than 12 months           22.66% (with indexation          12 months or less       33.99%**
 where STT is not paid                                                     benefit)


*All the above rates are after including surcharge @ 10% and cess @ 3%, which may differ depending on the type of the
investor and its total income
**It is assumed that income would be taxable in the hands of investors at the maximum rate.
@A concessional rate of 11.33% would be available for capital gains on listed securities computed without indexation
benefits if shares are not subject to STT.

                       "Primarily relevant for investment by Portfolio Manager"


                                                                         35
                                        Tax Implications – Investment in Debentures

= Interest income
  = Interest received by investors is taxable @ 33.99%*

  = Premium receivable on redemption of debentures could be considered as interest income.


= Profits from sale / transfer of Debentures
  = If considered as capital gains (capital gains = sale consideration – cost of acquisition – expenses incurred in connection with such
    transfer)
  = If considered as business income – net income taxable @ 33.99%*. Management fees / carried interest could constitute an
    allowable expense in this case.


                                                           Long-term Capital Gains                                Short-term Capital Gains
                Capital Gains                      Period of holding                 Rate*                Period of holding               Rate*


          Listed Debentures                     More than 12 months                11.33%@                12 months or less            33.99%**

          Unlisted Debentures                   More than 36 months                 22.66%                36 months or less            33.99%**


*All the above rates are after including surcharge @ 10% and cess @ 3%, which may differ depending on the type of the investor and its total income
**It is assumed that income would be taxable in the hands of investors at the maximum rate.
^According to the third proviso to section 48 of the Income Tax Act, indexation benefit is not available to debentures.
@In case of listed debentures, it is possible to take a view that concessional tax rate of 11.33% (without indexation) per
 proviso to section 112 should be available [reliance could be placed on the decision of Authority for Advance Rulings in
 case of McLeod Russel India Ltd (299 ITR 79) & Timken France Sas (212 CTR 349) and Mumbai Tribunal in Alcan Inc. vs DDIT
 (16 SOT 8)]. However, tax authorities may seek to apply normal tax rate @ 22.66% relying on Mumbai Tribunal’s decision in
 BASF Aktiengesellschaft vs DDIT (293 ITR 1).


                        "Primarily relevant for investment by Portfolio Manager”



                                                                             36
                                                                                  Disclaimer

=   The contents of this presentation are confidential and are intended only for the personal use of the potential investors to whom it is addressed or delivered and must not
    be reproduced or redistributed in any form to any other person without Portfolio Manager’s prior written consent. It is not and should not be deemed to constitute an offer
    to the public in general. This document does not purport to be all-inclusive or contain all of the information which a prospective investor may desire.


=   The contents of this presentation are provisional and may be subject to change. In the preparation of the material contained in this document, the Portfolio Manager has
    used information that is publicly available, certain research reports including information developed in-house. ASK Investment Managers Private Limited, its holding
    company ASK Investment Holdings Private Limited, its advisors ASK Property Investment Advisors Private Limited (“ASK Group”) warrant that the contents of this
    presentation are true to the best of their knowledge, however assume no liability for the relevance, accuracy or completeness of the contents therein.


=   The delivery of this presentation at any time does not imply that information herein is correct as of any time subsequent to its date and ASK Group (including its affiliates)
    and any of its directors, officers, employees and other personnel will not accept any liability, loss, damage of any nature, including but not limited to direct, indirect,
    punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this document in any manner whatsoever.


=   These materials include certain statements which contain words or phrases such as “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “objective”, “goal”,
    “project” and similar expressions or variations of such expressions, that are forward-looking statements. Actual results may differ materially from those suggested by the
    forward-looking statements due to risks, uncertainties or assumptions.


=   This presentation cannot be copied, reproduced, in whole or in part, or otherwise distributed without prior written approval of the investment manager / investment
    advisor.


=   The portfolio manager and its portfolio companies are subject to several risk factors including but not limited to the tenancy risk, project opportunity risk, development
    risk, leverage risk, defaulting contributors risk, tax issues, exit risk, liquidity risk and overall market risks. The recipient alone shall be fully responsible/are liable for any
    decision taken on the basis of this presentation. Prospective investors are advised to carefully review the Disclosure Document, the Discretionary Portfolio Management
    Services Agreement and other related documents carefully and in its entirety. Potential investors should make an independent assessment, and consult their own
    counsel, business advisor and tax advisor as to legal, business and tax related matters concerning this presentation, before investing in the ASK Real Estate PMS.


=   The information contained in this presentation has been prepared for general guidance and does not constitute professional advise and
    no person should act upon any information contained herein without obtaining specific professional advise. None of the Portfolio
    Manager or any of it’s advisors would be held responsible for any reliance placed on the content of this presentation or for any decision
    based on it.


=   Each potential investor, by accepting delivery of this presentation, agrees to the foregoing.




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